205 CMR, § 248.19 - Abandoned Funds and Dormant Accounts

(1) Subject to the provisions of M.G.L. c. 200A, §§ 7 and 8A, and 960 CMR 4.00: Procedures for the Administration of Abandoned Property, the Sports Wagering Operator shall presume that the funds in any account without any activity for a period of three years after the balance in that account became payable or deliverable to the patron to have been abandoned. For purposes of this 205 CMR 248.19(1), the term "activity" means Sports Wagers, customer-generated deposits, or customer-generated withdrawals.

(2) The Sports Wagering Operator shall report and deliver all Sports Wagering Accounts presumed abandoned to the Treasurer of the Commonwealth as provided for by M.G.L. c. 200A, §§ 7 and 8A, and 960 CMR 4.03: Reporting Abandoned Property.

(3) Subject to M.G.L. c. 200A, 7A and 960 CMR 4.03: Reporting Abandoned Property, at least 60 days prior to reporting any Sports Wagering Accounts to the Treasurer, the Sports Wagering Operator shall provide notice to the patron's last known address and conduct reasonable due diligence to locate the patron. During this time period the account shall be deemed dormant. In addition, the Operator shall:

(a) Allow access to a dormant account only after performing additional identity verifications; and

(b) Protect dormant accounts that contain funds from unauthorized access, changes or removal.

Notes

205 CMR, § 248.19

Adopted by Mass Register Issue 1486, eff. 12/22/2022 (EMERGENCY). Amended by Mass Register Issue 1492, eff. 3/9/2023 (EMERGENCY). Amended by Mass Register Issue 1494, eff. 3/9/2023 (COMPLIANCE). Amended by Mass Register Issue 1498, eff. 6/7/2023 (EMERGENCY). Amended by Mass Register Issue 1503, eff. 9/1/2023.